Economics · Unit 1 · Market forces · Market forces
Explain and apply the theory of demand and supply to determine market equilibrium and express in diagrammatic forms.
Learning objective 12 of 16 in this subtopic
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Explain - price elasticity of demand and the difference between elastic, inelastic and unitary elasticity, construct appropriate diagrams and apply to various situations - the factors affecting elasticity of demand, including necessities and luxuries, the existence of substitutes, the proportion of income spent on the good, and the length of time following a price change. Economics 2025 v1.4
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Explain price elasticity of supply, and elasticities of demand (income and cross).